Justin St. Louis, CFP, IG Wealth Management
Suite 600 - 390 Brant Street L7R 4J4 Burlington, ON, Canada

Anything but your grandparents planning firm. Our shelf has never been more expansive and encompassing of different investment choices and transparent reporting. 1. IG Advisory Accounts This truly is the way of the future. Clients can partner to create more customized portfolios, with a mix of active management & passive management (may benefit from lower MERs). Ability to accommodate all investment type, from most investment providers.... For the pricing targeted clients, let’s play around with MER by using ETFs (to reduce pricing). 2. iProfile Private Pool For clients over $250,000. The focus of iProfile is to use proven asset allocation models, while being diversified, to reduce volatility and maximize return at a given risk level. Investment Management Team JPMorgan Chase & Co., BlackRock, Pimco, Jarislowsky Fraser, Putnam, Panagora, Aristotle Investment, and newly appointed Northleaf Capital Partners (Canadian private equity, focusing on infrastructure & alt. investing) 3. IGSI Accounts We offer a full service brokerage for both CDN & USD equities All of these options are there to enhance your planning experience, while giving you the opportunity to build an investment strategy that aligns with your investment philosophy. #wealthmanagement #assetoptimization #partnerships https://www.linkedin.com//activity-6764884442466070528-G652

New Year, New Guidelines. RRSP Deadline - Mar 1, 2021 RRSP contrib. limit 18% of previous yr income up to $27,830 Avg. Canadian RRSP contrib. (2018) $3,130... TFSA contrib. limit $6,000 with cumulative limit of $75,500 Avg. Canadian TFSA (2018) $20,292 Are Canadians planning to fail, or failing to plan? Canadians must start seeing the RRSP as a POWERFUL tax planning vehicle. If you are not incorporated, you must be taking advantage of it. Book meeting now using the Book Now feature in FB or using MS Bookings. #taxplanning #taxminimization #wealthmanagement #mindsetiseverything https://outlook.office365.com//ApptBookingSchedu/bookings/

HENRYs must understand the psychology behind behavioural change when it comes to achieving SUSTAINABLE savings capacity. The key driver btw HENRYs achieving their retirement goal, or not, is Did I save enough over a period of time? We must Diagnose our Resistance to achieving optimal savings & then address the barriers:... 1. My spouse and I use separate accts/cards, it’s confusing = consider a single bank acct strategy 2. I don’t know how much to save = start w/ creating a bullet-proof budget (know that number) 3. I don’t want to think about how much to save = create a pre-authorized savings 4. I need flexibility in my monthly savings = ensure your partner institution has client ability to "push" into your investments 5. I like seeing $$$ in my chequing acct = ensure your partner institution has Online Acct Access 6. I don’t understand costs & how they impact me = ask the questions. If you think you should, you must 7. I don’t have enough time = find a trusted partner in financial wealth & delegate Harvard Business Review devotes a considerable amount of time to "Change Management" which I encourage HENRYs to scroll through and see what sticks with them. #changemanagement #financialwellness https://hbr.org/topic/change-management

The second part of saving HENRY, is protecting HENRY. HENRYs are confident, and in many instances, that’s what led them to their high incomes. But confidence has an interesting way of sometimes evolving to lack of vulnerability/asking for assistance. A HENRY's greatest asset is their ability to earn income. A HENRY earning $200,000/yr has the capacity to earn $6,491,282 over a 25-year career span (assuming their income increases by 2%/yr). This time flies I have already bee...n in my career for almost 13-years. Yet only 10% of HENRYs say they have sufficient insurance coverage. More shocking is the biggest roadblock with the target population remains "A mix of interest, understanding and perceived complexity." Said differently, I just don’t understand it, so I do not have it." If you think you should, you must. Two things are for certain with life insurance, the young you are, the cheaper it is. The second is you cannot plan out health. Ask the questions, understand the need, put it in place. Protect your "money printing machine" (You). Here's a great short-read by the consulting team at IBM #riskmanagementconsulting # #insurance #wealthmanagement #mindsetiseverything https://www.ibm.com//millennial-life-insurance-ibm-ix-sur/

The first step to saving HENRY is Awareness. Money in society is so present, yet so taboo. We grew up with the EXPECTATION to be EXPERTS at things, we seldom speak about (money, relationships, intimacy, etc). Know your income & the power of that income. HENRYs are those millennials earning incomes of $200K/yr+, yet still feel broke. Let’s create a backdrop:... City w/ highest household income in Ontario (2019) Oakville - $189,000/yr City w/ highest net worth in Canada (2019) West Vancouver - $4,5M, but average household income ONLY $107,000/yr Accessibility to housing continues to be a key driver of financial wealth. Purchase that home! 1. Household income x 4 = maximum mortgage you will qualify for (assuming no debt). Do not go for maximum, rather multiply by 2.5-3 = what you will be comfortable with 2. Household income x 0.1 = MINIMUM amount you should save annually 3. Household income x 0.2 = maximum amount you should spend on a car (this will ensure car paid off in 5-yrs) 4. Household income x 0.05 = maximum amount you should spend on vacation 5. Household income x 0.01 = minimum dedicated to self-betterment (CE, health, charity, etc). 6. Household income x 0.01 = minimum dedicated towards protecting your income (your greatest asset is your ability to earn income, not your house) The purpose is to not grind you income down to zero, but to have positive cash-flow at all-times. #wealthmanagement #financialwellness #awareness #AwarenessMatters

Are you a HENRY? The definition of a HENRY is a High Earner Not Rich Yet. These are Canadians earning household income of what I would define as $200,000/yr or more, but still feel cash-strapped. This is a massive under-served market in the Wealth Management industry (because they have little money... today, and without guidance, tomorrow as well). Many HENRYs feel the traditional ways of wealth accumulation are more challenging (home ownership), coupled with the cost of rais...ing children being exorbitant, and the extreme loss to taxes, unavoidable. HENRYs are overworked, feel mislead and misinformed when it comes to financial news, and as a result feel behind the 8-ball when it comes to wealth accumulation. This next series will focus on HENRY, and saving HENRY. #Henry #wealthmanagement #CashManagement http://www.rbc.com//news/2019/20190725-rbcwm-market-survey

To wrap this up, when should you contribute to your RRSPs? Canadians love themed times of the year, so the bank world created "RRSP Season" (Jan 1-Mar 1, of a given tax year). The actual RRSP year is Mar 2 of CURRENT YR until Mar 1 of the FOLLOWING YR. This gives Canadians the first 60-days into the New Year, to tax plan for the PREVIOUS year. But like Christmas, don't wait until the holiday to plan, start contributing early.... The 8th wonder of the world is tax-deferral. If you can allow your money to grow throughout the year without paying taxes, you will have a LITTLE more money invested by the end of the year, and TREMENDOUSLY more money by the time you retire. The below link illustrates an article by Goldman Sachs shows the power of compounding. Focus on the chart in page 3. More importantly, if you just look at the month of February over the past 5-years, the stock market was higher compared to the PREceeding 12-months. So don't wait, contribute throughout the year, and tax defer! https://www.gsam.com//variable-/power-of-tax-deferral.pdf. #dontwaitmate #startnow #taxplanning #wealthmanagement

We will be booking virtual appointments with new families from now until March 1, 2021 to coincide with the RRSP deadline.

My qualm with most RRSP articles is they assume Canadians do not start saving until their 40s (20s income is too low, 30s expenses are too high). This idea is flawed, as we all know it's NOT about "timing" the markets, it IS about "time-in" in the markets. Rather than focus on required RRSP savings, rather focus on required RETIREMENT specific savings. Assuming you retire at age 65, here is an easy to follow chart by JPMorgan Chase & Co.... which give you a guideline based on age, and current income. Simply select your age, slide over to your income, and the multiple you land on gives you an estimate of the multiple of your income you should have in RETIREMENT SPECIFIC savings i.e. 35 yrs old, $100K/yr income = $140K saved for retirement. This is a combination of employer sponsored pension plans and personal savings. Then focus on a DESIRED expense in your current year, and see if you can contribute enough SPECIFICALLY into RRSPs to CREATE a REFUND large enough to pay for that expense. i.e. landscape expense of $5,000 in 2021 = requires RRSP contribution of $11,500 to generate that refund - assuming income is $100K/yr. This isn't an exact science, but is a very strong guideline. #taxes2020 #taxplanning #wealthmanagement

The amount of tax that you lose at your highest rate TODAY, versus your projected RETIREMENT tax rate is the starting ground to understanding if you should contribute to RRSPs. Rule of Thumb, if your income is below $45K/yr, you should avoid directly contributing to RRSPs. Rationale behind this rule is that the amount of tax you will save today (20.05%) is most likely similar to the tax you will pay tomorrow.... Do not worry, what is delayed, is not denied. As your income grows, your accumulated RRSP room will still continue to accumulate. Rather, if your Spouse's income is higher, consider a Spousal-RRSP. This allows your Spouse to contribute into a RRSP in YOUR NAME, however the tax deduction is kept in THEIR NAME. This is a massive opportunity as most people only look at spRSPs if one individual is working & the other has $0 income. This is a huge misconception. Put RRSP deductions in the hand of the spouse who has the higher income...full stop. So, how much to contribute?? #financialplanning #wealthmanagement #financialwellness https://lnkd.in/eCgFhka

RRSPs have existed since 1957, as a primary means for Canadian retirement savings. The main benefit of RRSPs is that tax on RRSP contributions is deferred until retirement. You save tax today, then pay it tomorrow. This addresses the fact as to why you have to pay tax tomorrow. If you are getting tax savings today (in the form of a tax refund), well it makes absolute sense that at some point CRA will want to reclaim its taxes. Remember we do not live in the Caymans, UAE, Mona...co, or "Neverland." So the first question today is how much tax do you lose at your highest rate? The second more complicated question, is what is your projected retirement income (seek advice from your Planning Professional)? If... Tax savings today > tax paid tomorrow = RRSP great Tax savings today = tax paid tomorrow = RRSP neutral Tax savings today < tax paid tomorrow = Seek alternate to RRSP This table by Ernst & Young is a great tool #taxplanning #wealthmanagement

We have all heard someone say, I don’t believe in RRSPs, because you will lose so much to taxes one day when you take it out. My focus over this upcoming series is to encourage you as to why the RRSP has value. It is not that people do not believe in RRSPs, rather that they lacked planning and put themselves into a poor financial outcome.... Many surveys suggest men, and mainly older men, contribute to the RRSP. Overall, approximately just over 1 in 2 Canadians contribute. Canadian must care about saving tax today, it’s your greatest leak in your ship. #wealthmanagement #financialplanning #taxes2020 #wealthpreservation https://lnkd.in/eFd_VDm